Houston real estate market his all-time high
The Houston housing market posted records in June as buyers closed on more homes than any other month in history and at sales prices never before reached.
Single-family closings last month totaled 8,518, up 1.8 percent over the previous June, which was the last time sales volume reached a record high, according to the latest monthly report from the Houston Association of Realtors released Wednesday.
Boosted by high-end sales, the median price among the homes that sold in June was up 2.6 percent to $245,000 — also an Houston-area high.
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“If there were concerns about rising home prices in the Houston market, you wouldn’t know it from all the homebuying that took place in June,” association chair Kenya Burrell-VanWormer, said in the report. “We continue to outperform last year’s record pace of home sales, but we’ll keep a close eye on inventory levels in the weeks ahead to ensure they are meeting demand.”
Indeed, persistent supply constraints, particularly for moderately priced homes, has put pressure on prices.
The Houston market mirrors the nation with a 4.1-month supply of homes for sale. A six-month supply has long been the target for a balanced market, though it’s been several years since that amount was attained.
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The association’s data is based on sales handled through the Multiple Listing Service throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Other highlights from the report include:
Townhouse and condominium sales jumped 4.9 percent in June, with 709 units trading hands. The median price fell 4.1 percent to $163,000, while inventory was unchanged at a 4.2-month supply.
Single-family pending sales at the end of June totaled 8,396, a 10.2 percent increase over last year.
Total active listings fell 3.9 percent to 40,198.
The number of days it took the average home to sell in June fell to 48 days in June, up from 50 days a year earlier.
Single-family home rentals were up 4.7 percent while townhouse and condominium leases fell 4.2 percent. The average rent for a single-family home increased 3.9 percent to $1,877 and the average rent in the townhome/condominium sector increased 6.7 percent to $1,662.
Nancy Sarnoff covers real estate and development for the Houston Chronicle. She also hosts Looped In, a weekly podcast all about all things Houston real estate. Subscribewherever you listen to podcasts and follow Nancy on Twitter and Facebook.